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The currency or monetary unit of the Philippines is the peso (P). One peso is divided into 100 centavos (c). Coins are available in denominations of 1, 5, 10, 25 and 50 centavos as well as 1, 2 and 5 pesos. However, in 1998, the government imposed a rule dictating that only coins inscribed with the word 'Bangko Sentral ng Pilipinas' will be legal tender.

Banknotes can be found in denominations of 5, 10, 20, 50, 100, 500 and 1,000 pesos. Foreign currencies such as the US dollar, pound sterling, Deutsche mark, French franc, Canadian dollar, Australian dollar and the Japanese yen are all readily exchangeable. Apart from the peso, the US dollar is largely acceptable outside Manila.

In Manila, traveler's checks can be easily cashed however, they can pose a bit of a problem in the provinces. Most major international credit cards like Amex, MasterCard, Diners Club and Visa are widely recognized and accepted by many hotels, restaurants and shops in the Philippines. A word of advice to the travelers - do avoid exchanging currencies with street moneychangers.



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